Allistair Darling tightens screw on wealthy Britons and their Riviera refuge
The chancellor started his battle against Britain’s super-rich by pressing for sanctions against Monaco, the Mediterranean tax haven.
Under one proposal, to be discussed by Alistair Darling with European finance ministers on Tuesday, there will be a levy on any money transferred to a Monaco account from anywhere in Europe.
Precise policies will be discussed the following week at a meeting of Europe’s tax authorities in Berlin.
The threat of sanctions marks an escalation in the battle between European governments and the continent’s three remaining tax havens: Liechtenstein, Andorra and Monaco.
“So far the attention has been on Liechtenstein, but Monaco is the goldmine,” said a Whitehall official. “Germany has got the bit between its teeth now and Monaco is where they want to go next – and we’re right with them.”
How will it affect monaco?
2 comments:
I guess Monaco will not be Monaco anymore. Being a tax haven (except for French people!!!), this principalty had developped and lives through the millionaires and billionaires' bank accounts. If money entering the territory is going to be taxed, they are just going to hide somewhere else: Switzerland remains the principal and safest location...
So what would become Monaco without its famous parties, the huge boats and increasingly higher buildings? Not more than a piece of land I think...
Thanks for sharing your views Mayerling, and i strongly agree with you.
Being living there for 13 years now, i think it would just take all the "glamour" of the city.
It is not the most beautiful place in the world, it is just charming, because of the lifestyle of the "superich".
A place where every mans' dream is reality. Removing this from monaco, would first cut its tourism income. Then it would affect the overpriced real estate market. This is also arriving at te point, where several business groups are battling for "monaco 2", a land extansion on the sea.
A very expensive project that is almost impossible to finance with the actual crisis, and that would turn into a nightmare, if the wealthy people would start leaving the principality.
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